Province of Ontario delays 2021 Re-Assessment
As per the March 25, 2020 release of the Ontario Fiscal Update in response to COVID-19. On page 75 of the budget the province of Ontario has officially delayed the re-assessment of all properties from 2020 to 2021, still using a January 1, 2019 base date. The impact to you as relating to this update is that all 2020 assessments will remain in place for the 2021 tax year.
The initial benefit will be that any reductions that have been obtained as a result of past appeals will be extended by an additional year. Any appeals still outstanding/on-going will have an additional benefit to you. Any properties which are not presently under appeal where the economics didn’t merit a 2020 review will now have 2 years of benefit and could be re-evaluated. There is an additional update in regards to appeal deadlines and property tax deferrals which will come under separate cover.
We are currently reviewing the impact to individual clients and properties and will be reporting to you individually as soon as practicable. If you are interested in receiving this information about specific properties, please reach out to one of the team.
I look forward to speaking with you all soon, and please stay safe and healthy. Please feel free to reach out at your convenience.